Death to Traders: Bernie plans Financial Transaction Tax on Wallstreet Speculation

....to pay for all his freebies (healthcare and free college education). Last time I checked, ET is a trading website. Why do fellow traders here support this guy? It will destroy our livelihoods.

Time index 13:30, onward:

 
Bernie is GREAT on many issues. He's equally horrible on a few, choice others.

Notably:

- pro-amensty
- increase the estate tax to 65%.
- increase the top marginal tax rate to 90%!!!!!
- increase capital gains tax and dividend income tax
- financial transaction tax of 50 cents on every 100$ in stock trades.
- pro-carbon taxes / anti-fossil fuels.
- 6% income tax hike on business, and 2% hike on individuals.
- Socialized healthcare / single-payer system.

His socialized medicine/single-payer system is estimated to cost an additional 1.5 TRILLION DOLLARS A YEAR, ALONE (15 Trillion over 10 years....).


Everything else, he's amazing. Anti-free trade agreement. Anti-offshoring. Pro-American middle class. Pro-jobs. Wants to invest trillions in infrastructure. Anti-NSA surveillance. Anti-Iraq War. Anti-H1B visas. Seems to be leaning towards border security. Pro-Glass Steagall.

Bernie and Trump share much common ground on trade and the economy.
 
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....to pay for all his freebies (healthcare and free college education). Last time I checked, ET is a trading website. Why do fellow traders here support this guy? It will destroy our livelihoods.

Even if Bernie gets elected, there is no way he'll be able to effectively realize his goals because of checks and balances. So maybe only a quarter of what he is saying has any chance of becoming real.
 
Even if Bernie gets elected, there is no way he'll be able to effectively realize his goals because of checks and balances. So maybe only a quarter of what he is saying has any chance of becoming real.
Very true. But if he were, it doesn't make me feel any better. Lots of FTT sympathizers out there. Not to mention another 1.5 Trillion dollar a year in healthcare costs. While were at 20 Trillion on the ND.
 
Who do we owe?
Lets not start that again. 6 Trillion overseas, for starters. Which makes it a huge problem. If you want to shaft American banks that created money out of thin air and bought Treasuries, I'm all for it. If you want to shaft gramp, gram and your postman of their Social Security, you'd call that capitalism run amok. The only party we can effectively 'write off' is the FED. And they hold around 2.4, if im not mistaken.
http://ticdata.treasury.gov/Publish/mfh.txt
 
Is it? What are our overseas assets?
You mean the Federal Governments? Not much. I did the math on this already last year. The Treasury has something like 300 Billion in foreign denominated assets and gold. We'd have to sell land, like Greece. And thats the rub. We end up like Greece. Privately, I'm sure Americans and American companies hold Trillions. But its back to the same scenario. We rob Peter to pay Paul. Lose lose.
 
You mean the Federal Governments? Not much. I did the math on this already last year. The Treasury has something like 300 Billion in foreign denominated assets and gold. We'd have to sell land, like Greece. And thats the rub. We end up like Greece. Privately, I'm sure Americans and American companies hold Trillions. But its back to the same scenario. We rob Peter to pay Paul. Lose lose.
So in a fantastical scenario, like all the various foreign entities we owe decided to coordinate their repayment demands, "making it all due and at once", we could in fact sell... oh, never mind, never going to happen.
 
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